Gold Prices Plummet in India as Dollar Strengthens and Oil Surges

Gold prices in India's national capital took another hit on Thursday, plummeting Rs 1,600 to Rs 1.52 lakh per 10 grams as the US dollar strengthened and crude oil prices surged.

The decline marked the fourth consecutive session of losses for gold, with local traders attributing the weakness to weak global trends and profit-booking at elevated levels.

Silver also took a beating, tumbling Rs 5,000 to Rs 2.37 lakh per kilogram as its volatility and exposure to industrial demand amplified selling pressure.

While the rupee's slide against the US dollar offered some cushion to domestic bullion prices, limiting the extent of the decline, market participants remained cautious about higher energy prices fueling inflation and leaving global central banks with less room to ease monetary policy.